North Carolina Down Payment Support Systems

Online Payments - The North Carolina Housing Finance Agency has two great plans for First Time Home Buyers. These programs would be the deposit Assistance Program along with the Mortgage Credit Certificate.

Should you meet the requirements for one of these plans and you purchase a home between December 1, 2009 and January 1, 2009, you could also be eligible for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.

First, who is a First Time Home Buyer? A First Time Home Buyer is someone who has not owned a house in the previous three years. This is precisely the same qualifying definition for the $8,000 tax credit.

All home owners can claim an itemized deduction. The MCC takes this a step farther. An MCC “reduces your tax liability depending on a portion of the mortgage interest that you pay.

Should you are eligible for the MCC, it is possible to claim 20% of the interest you pay as a credit on your own federal income taxes on your own mortgage. It is possible to save as much as .

Should you qualify for 2009, for the MCC, you may be able to combine this with the $8,000 tax credit. This could reduce the tax liability of a buyer's by $10,000.

Who Qualifies for an MCC?

Household income is defined as the “gross income of the mortgagor and any other person anticipated to reside in the residence who's 18 years of age or older.”

The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.

MCC Income Limits 1 Man $61,500 2 Persons $61,500 3 Men $70,500 4 Individuals $70,500

MCC Sales Cost Limits New House $220,000 Existing House $210,000

The customer just has to pay and the load would pay around .

This program has stricter income limitations than the MCC plan outlined above. Like the MCC program, it can be utilized in conjunction with all the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment help, however, can not be employed along with the MCC. It is an either or scenario.

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limitations

1 Individual $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Individuals $57,050

Down Payment Assistance Sales Price Limits New Home $210,000 Existing House $210,000